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Illustration: Lazaro Gamio/Axios

DraftKings on Monday announced that it will go public via a reverse merger with a blank-check acquisition company called Diamond Eagle, with a sports betting tech platform called SBTech also being rolled in.

Why it matters: Sports betting is now legal in 11 states, with dozens of others considering legislation.

Big number: The combined company is expected to have an initial market cap of around $3.3 billion.

  • This includes just over $300 million in new investment from institutions like Capital Research & Management, Wellington Management, and Franklin Templeton.
  • DraftKings hit a peak valuation of around $2 billion in 2015, but later pulled back.

The players: DraftKings was a trailblazer in the daily fantasy sports market, regularly competing with FanDuel. The two companies sought to merge in 2016, but were ultimately blocked by U.S. antitrust regulators. FanDuel was later acquired by a publicly-traded Irish company, and now DraftKings has its own backdoor listing.

  • Diamond Eagle, led by veteran media executive Jeff Sagansky and advised by former MGM CEO Harry Sloan, went public earlier this year and says it has around $400 million in its trust account.
  • SBTech is a global provider of sports betting and online gaming infrastructure to online bookmakers.

DraftKings CEO Jason Robins will run the combined company, while his two fellow co-founders and SBTech management also will remain involved.

Go deeper

Ben Geman, author of Generate
17 mins ago - Energy & Environment

Japan vows deeper emissions cuts ahead of White House summit

Japanese Prime Minister Yoshihide Suga. Photo: Carl Court/Getty Images

Japan on Thursday said it will seek to cut greenhouse gas emissions by 46% below 2013 levels by 2030, per the AP and other outlets.

Why it matters: The country is the world's fifth-largest largest carbon dioxide emitter and a major consumer of coal, oil and natural gas.

49 mins ago - Technology

The global race to regulate AI

Illustration: Annelise Capossela/Axios

Regulators in Europe and Washington are racing to figure out how to govern business' use of artificial intelligence while companies push to deploy the technology.

Driving the news: On Wednesday, the EU revealed a detailed proposal on how AI should be regulated, banning some uses outright and defining which uses of AI are deemed "high-risk."

Biden pledges to cut greenhouse gas emissions by up to 52% by 2030

U.S. President Joe Biden seen in the Oval Office on April 15. (Photo by Doug Mills-Pool/Getty Images)

The Biden administration is moving to address global warming by setting a new, economy-wide greenhouse gas emissions reduction target of 50% to 52% below 2005 levels by 2030.

Why it matters: The new, non-binding target is about twice as ambitious as the previous U.S. target of a 26% to 28% cut by 2025, which was set during the Obama administration. White House officials described the goal as ambitious but achievable during a call with reporters Tuesday night.